A Mortgage Broker is a go-between between the borrower and the lender (usually a bank), who negotiates the loan on your behalf.
They will do the legwork on researching products on the market from the hundreds available, and then support you through the application and settlement process.
They generally charge the borrower nothing for their service, as brokers are paid a commission by the lender when the mortgage is settled.
There are a number of benefits to using a broker, particularly through the application process.
Firstly, they can shop around for you. Everyone knows shopping around could lead to a better deal but it’s time consuming, especially if it involves contacting a number of banks and lenders. A broker can search the range of loans available from multiple lenders very quickly to find you the right home loan for your needs.
They also provide you with one central point for mortgage information and will talk you through the process.
All banks have different guidelines, and unless you’re familiar with them you can find yourself not getting a loan - just because you haven’t crossed a ‘t’ or dotted an ‘i’.
Forging a relationship with a mortgage broker can make all of those decisions much easier.
Your financial circumstances can evolve over time, so can the products and services available for you to choose from. You may want to fix part of your loan, refinance or perhaps buy an investment property.
Mortgage Brokers are there to help you purchase your first home, but also can be valuable to you again in the future, whether to help you with information to finance your next home, buy an investment property or refinance your existing home loan.
I cannot recommend Carl and Aussie high enough. Every potential home buyer should meet with Aussie when considering a loan. They were un-biased with their comparisons and only interested in the best loan to suit me and my needs.